Crypto expert David Drake, claims that if the cryptocurrencies are opened with welcome arms by more financial institutions, then the bitcoin price could rise to $30,000 USD.
LDJ Capital Founder and Chairman David Drake claimed the crypto market, and bitcoin price to be particular, has been seeing ups and downs and can be “fraudulent” but there is unlikely to be one single internet currency on the crypto market.
In an interview with Bloomberg News, Mr Drake said
“I’ve been saying for a couple of months that it will be a cold winter. Regulators, the SEC, FINRA, they haven’t given us guidance yet on how to deal with this. The US is the biggest market in the world and right now Asia is really hard for cryptocurrencies. But I’d say this year is a cryptocurrency Wall Street time and like Dorsey said, and we have said that before as well, we think cryptocurrency on the bitcoin will be worth $30,000 at the year end – it is limited.”
However, Mr Drake said he does not think there will be a single internet currency and insisted “hundreds” of cryptocurrencies will remain on the market. He said,
“I think he might have meant that it will be an acceptable currency on a global basis because it was the first one from 2009. But there is too many out there with great solutions. Yet again, like Dorsey said, some of them are fraudulent and they are weird and strange. There’s too much hype. We have got to calm down a little bit.”
Mr Drake also said he thinks there will be some changes to the top 5 cryptocurrencies over the next year. He said:
“I think we are going to see some changes this year. The top five is going to change order. I don’t think bitcoin will change. Bitcoin is capital preservation to me.”
With the Bitcoin price being subject to a number of speculations, it is yet to be seen if the news about Bitcoin price is yet to come true.
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